Fully Leased 8-Unit Apartment
For Sale
$950,000
1075 7th Ave NW, Hickory, NC 28601
All-brick 8-unit property with recently replaced roof, currently fully leased at 100% occupancy.
Property Size5,632 SF
Price / SF$168.68
Days on Market212
Property Features for 1075 7th Ave NW
General Information
Standard status
Active
Size
5,632 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
8
Building Details
Year Built
1970
Construction
all-brick
Tenancy
Multi
Listing Agency:
C. Rice and Associates LLC
Listed By:
Caleb Rice · License #299802
(828) 294-0330
Source:
Highperformancerea
Added: Mar 26
Changed: Oct 11
Last Checked: Oct 21 at 12:49AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of C. Rice and Associates LLC
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Investment Insights
Based on property information with market context.
This fully leased 8-unit apartment building features an all-brick exterior and a recently replaced roof. The property is currently 100% occupied and supported by a solid rent roll, offering a stable, turnkey setup for an investor or buyer seeking immediate income.
Located in Hickory, NC, the building is described as being in the heart of the city, just steps from the Riverwalk and major community developments. The surrounding area’s continued activity is positioned as a backdrop for long-term hold.
The building is configured as 2-bedroom, 1-bath units across all eight apartments, providing a consistent unit mix within a single, well-maintained multifamily asset.
Located in Hickory, NC, the building is described as being in the heart of the city, just steps from the Riverwalk and major community developments. The surrounding area’s continued activity is positioned as a backdrop for long-term hold.
The building is configured as 2-bedroom, 1-bath units across all eight apartments, providing a consistent unit mix within a single, well-maintained multifamily asset.
Key Highlights
- All‑brick 8‑unit property built in 1970
- Recently replaced roof
- Fully leased with 100% occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,271
Cap Rate
4.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$945,420
$945.4K
Cap Rate 7%
$675,300
$675.3K
Cap Rate 9%
$525,233
$525.2K
Market Conditions
NOI Build-Up for 5,632 SF
Gross rent
$91.2K $16.20/SF
− Vacancy
−$5.3K −$0.94/SF
EGI
$85.9K $15.26/SF
− OpEx
−$38.7K −$6.87/SF
NOI
$47.3K $8.39/SF
Area
Catawba County, NC
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$945,420
Cap Rate 7%
$675,300
Cap Rate 9%
$525,233
Alternative Uses
Best Use
Apartment 5plus
$675.3K
$590.9K – $787.9K
NOI $47,271 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,163 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
Explore this area
Business Placement
Demographics for 28601, NC
53,973
Population
23,400
Households
2.3
Avg Household Size
42
Median Age
35%
College-Educated
90%
High-School Grad
47.1 sq mi
ZIP Area
1,146
Density / Sq Mi
$67,839
Median Household Income
$41,697
Median Earnings
$951
Median Rent
$236,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - All-brick 8-unit property with recently replaced roof, currently fully leased at 100% occupancy.
Where is this multifamily property located?
The property is located at 1075 7th Ave NW Hickory, NC.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: All‑brick 8‑unit property built in 1970; Recently replaced roof; Fully leased with 100% occupancy
